Munich Re News

Governments Must Act to Cap Global Warming at UN Summit: Reinsurers

Politicians must act to cap global warming when they meet at a United Nations summit at the end of the year as the financial and humanitarian consequences of natural catastrophes become ever clearer, reinsurers meeting at an industry conference said. The $600 …

Massive California Blazes, And It’s Not Even Official Wildfire Season Yet

A pair of massive blazes in the Northern California are a bleak reminder of how bad things can get in a state with persistent drought and windy conditions. A more worrisome thought is California’s official wildfire season has yet to …

Reinsurers Seek New Markets, Underinsured Risks to Ease Price Pressures

Major reinsurers like Munich Re, Swiss Re, Hannover Re are looking to new markets and selling more cover to existing clients to ease price pressures after several years of falls, they said at their annual meeting in Monte Carlo this week. “I believe that …

Reinsurers Expect Continued Downward Pressure on Pricing During 2016

The world’s largest reinsurers and brokers see little relief in pricing in 2016 amid a relentless influx of alternative capital from pension funds and one of the past decade’s quietest years for catastrophe losses. Rates for property-and-casualty reinsurance are expected to show …

Munich Re Q2 Net Income Rises to $1.14 Billion on Lower Catastrophe Claims

Munich Re, the world’s biggest reinsurer, raised its full-year profit target after net income beat analyst estimates on lower catastrophe claims. The shares rose. Net income rose to 1.07 billion euros [$1.14 billion] in the second quarter from 758 million …

Munich Re Launches Inland Flood Insurance Product for U.S. Homeowners

Munich Reinsurance America, Inc. has launched a new personal lines inland flood insurance product designed to provide more options for homeowners in low-to-moderate-hazard flood zones. According to the National Flood Insurance Program (NFIP), flood is the most common natural disaster …

Global Insured Cat Losses in First Half Are Below Long-Term Average: Munich Re

Overall losses and insured losses from natural catastrophes during the first half of 2015 were below long-term average values, according to a review of global natural catastrophes issued by Munich Re. Total natural catastrophe losses incurred in the first half …

Munich Re’s ERGO May Cancel Purchase of Greek Insurer on Instability

Munich Re’s ERGO Insurance unit may cancel its planned 90.1 million euro ($100 million) acquisition of Greece’s ATE Insurance SA if the country doesn’t return to stability. “Depending upon how the political situation develops, it is possible that we will exercise the right …

World Cup Insurers Face Many Claims, Disputes Over Russia, Qatar

World Cup insurers are likely to refuse to pay out on many cancellation contracts if Russia and Qatar lose the rights to hold the tournaments because of fraud, industry experts said. Russia and Qatar could be stripped of their World …

HSB Engineering Insurance Appoints Wright as Chief Operating Officer

Specialist engineering and construction insurer HSB Engineering Insurance (HSB), part of Munich Re, has appointed Andy Wright as chief operating officer. Wright will be leading HSB’s operational strategy with primary focus on the delivery of exceptional customer service, IT business …